H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash(5)

Date

total(2)

nonborrowed base(3)

required

Monetary

Reserve balances with F.R. Banks(4)

total

used to satisfy required reserves(6

surplus(7)

Net carryover of reserve balances(8)

Month(9)

2002-July

39417

39225

38039

678900

8037

42805

31380

11425

Aug.

39838

39505

38230

679480

8463

42992

31375

11617

Sep.

38864

38635

37378

679889

8665

42328

30200

12128

Oct.

38672

38529

37137

681780

8780

43028

29892

13137

Nov.

39214

38943

37576

687291

9758

42236

29457

12780

Dec.

40274

40194

38264

697149

9926

43368

30347

13021

2003-Jan.

42869

42842

41162

699247

10075

46208

32794

13414

Feb.

41939

41913

39973

701039

9860

45941

32079

13862

Mar.

40597

40575

38961

705037

9840

43087

30757

12330

Apr.

41172

41142

39640

709095

10598

41990

30574

11416

May

41801

41745

40182

712758

11405

41635

30395

11240

June

41874

41712

40018

714348

11299

41960

30574

11385

July p

43611

43481

41676

717055

12176

42656

31436

11220

2 weeks ending(10)

2003-June 11

40904

40835

38909

713594

11050

41039

29854

11185

110

25

42235

41994

40631

714134

11437

42302

30798

11504

-13

July 9

42998

42855

40743

716610

11465

43029

31534

11496

-35

23

43210

43093

41599

716881

12663

41788

30547

11240

160

Aug. 6p

45005

44865

42860

717862

12124

43757

32881

10876

2

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. 9. Prorated averages of biweekly averages.10. Averages of daily figures. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.